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Obama’s Revenge To Tax the Rich Will Yield Virtually ZERO in Revenue

Home - by - November 13, 2012 - 13:00 America/New_York - 14 Comments

Bill Kristol was unavailable for comment – because he is eating paste… Grey Poupon brand paste.

The lack of revenue doesn’t matter. This tax the rich plan is nothing but a symbolic gesture to satiate the blood lust of lifetime bitter losers – namely, the Obama constituency.

Washington Examiner -

Raising taxes on the rich was the cornerstone of President Obama’s reelection campaign. “If we’re serious about reducing the deficit,” Obama told a rally in Columbus, Ohio, on election day, “we’ve got to ask the wealthiest Americans to go back to the tax rates they paid when Bill Clinton was in office.”

But just how much deficit reduction would Obama’s tax hikes on the rich necessarily accomplish?

Nothing, according to the Congressional Budget Office.

Letting tax rates rise to Clinton era levels for those families making over $250,000 a year would only raise $824 billion over ten years. That is not even enough revenue to undo the sequester that Obama promised “will not happen” during his final debate with Mitt Romney.

A chart breaking down the costs of the relevant fiscal cliff provisions is below.

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» 14 Comments

  1. Jarhead Cracka

    November 13th, 2012

    “If we’re serious about reducing the deficit…” He’s not. None of his past actions show that he’s ever been serious about reducing the deficit. This is about “fairness”, social/economic “justice”, or “punishing the rich”, take your pick.

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  2. Papadoc

    November 13th, 2012

    Generating revenue is not the point. Pleasing the left, many of whom are motivated by class envy and sticking it to the rich is the point. Never mind that you destroy jobs, that the rich will just move their money somewhere else–none of that matters. All that matters is eating the rich.

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  3. Marmo

    November 13th, 2012

    Thank God the economy will be fixed after Obama taxes the rich more.

    /sarc

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  4. Anonymous

    November 13th, 2012

    the deconstruction of all that made America great is happening in living color.
    emails, calls and sending testicles to the eunuchs in the house of reps will do jack shit.

    reread ann b’s entry and then read it again. after you have read it send it to everyone you care about. this will no doubt happen when the parasites get hungry.

    HOW THE DISINTEGRATION IS LIKELY GOING TO HAPPEN
    POSTED BY ANN BARNHARDT – SEPTEMBER 4, AD 2012 4:38 PM MST
    READ EVERY WORD OF THIS AT LEAST TWICE.Matt Bracken has written a piece over at Western Rifle Shooters that matches exactly how I have envisaged the coming collapse and civil war.
    His belief that it will all begin with the rejection of EBT Foodstamps cards is, I think, spot-on.
    Next comes the urban riots.
    Then comes the rioters spilling into the suburbs.
    Then comes full-blown chaos when the rioters realize that the cops alone can’t contain them.
    Then come the beatings, rapes and murders. In the open. In broad daylight. At heavily trafficked intersections.
    Then comes the militia, which is what I intend to do when shizz gets real. That has been my intention all along, since the fall of 2008 when I knew that collapse and civil war was an inevitability.
    Echoing Bracken, if I am either sandbagged or on a bipod, 400 yards is an EASY kill. Men are a hell of a lot bigger than prairie dogs, which is why learning to snipe on prairie dogs is so wise, in addition to good, wholesome fun.

    When I tell you people to be buying LONG GUNS and ammo, I’m not kidding. Assault rifles and tens of thousands of rounds of ammunition is one of the best places to park wealth right now. And you better know how to use it, and you better sit your wife down, tell her to cut the sissy, whiny female bullshit and learn how to handle every weapon system in your arsenal. This isn’t a damn game or a TV show. Many, many women are going to find themselves as the ONLY THING standing between a hip-hop rape mob and their children.
    If you haven’t watched my Vendee Genocide YouTube presentation, I clearly lay out the case that it is an absolute certainty that THERE WILL BE MASS RAPES when the inner city hip-hop contingent can no longer be contained by standard law enforcement. It isn’t even debatable.
    Read the essay above, and then GET READY. QUICKLY.

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  5. Da Penguin Asks: Are we there yet

    November 13th, 2012

    what if we tax sorros and the drug lords that obama equipped with AK 47′s>

    tax them for each gun and ammo box.

    then lets add a stupid tax as well. anyone that was stupid enough to vote for this idiot has to pay $100 dollars extra on their taxes

    Make that 1 million if they live in Hollywood and 5 million if there name is Sean Penn

    problem sovled!!

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  6. MemphisRebel

    November 13th, 2012

    Somewhat off topic, but now these sons-a-biatches are going TOO FAR.

    http://fox8.com/2012/11/13/labor-fight-could-kill-off-twinkies-wonder-bread/

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  7. MNHawk

    November 13th, 2012

    Which is why I call for Republicans just to stand back and let the Bush Tax Cuts expire. Let Obama voters have what they voted for. Give their victory to them…good and hard.

    It would still only eliminate half of the deficit, but half is a start. Plus it would put millions of that 47% back pulling that wagon of government they desire.

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  8. Annie

    November 13th, 2012

    Again, how is a family generating 250/yr rich or millionaires or billionaires?

    Is 250/yr the cap on what his followers can process, therefore the number?

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  9. chico

    November 13th, 2012

    Even if the fiscal cliff is left to happen, spending cuts will quickly be reinstated. Tax increases will remain in place, if not increased.

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  10. Xavier

    November 13th, 2012

    Plus those Hollywood assholes are going to be exempt.

    Barry loves exemptions because they can be lifted. It keeps the cheerleaders in line.

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  11. Twellsy

    November 13th, 2012

    Sometime I wish they would just give obumbles this one thing so he can shut his fly trap about it. Geez. The sonofabitch is like a broken record.

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  12. Papadoc

    November 13th, 2012

    That is an idea there MNHawk–let the Repubs make a public statement that they will make no move to stop any legislation whatsoever in the coming session–Reid, Obama, have your way. Tax what you want however much you want; regulate, meddle, whatever. And then let them live with the consequences. Don’t do anything to give the Left or the press any cause to blame anyone but the ruling class for the results.

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  13. bitterclinger

    November 13th, 2012

    Ovomit KNOWS he’ll never get the $$ from the rich. Commies know where all the real dough is: the middle class. The gutting is coming our way.

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  14. Rick

    November 13th, 2012

    bitterclinger, the R’s are going to take the hit regardless of whether the Bush tax cuts expire or not. It’s either going to be “Those ee-ville Republicans raised taxes on the hard-working middle class because they refused to raise taxes on their billionaire buddies” or “The ee-ville Republicans forced us to raise taxes on the middle class.”

    Bet if those were “Obama Tax Cuts” they’d be preserved like they were brought down from the mountaintop.

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